Fidelity U.S. Money Market Fund

[Pages:16]Fidelity U.S. Money Market Fund

Annual Management Report of Fund Performance

June 30, 2021

Caution Regarding Forward-looking Statements

Certain portions of this report, including, but not limited to, "Results of Operations" and "Recent Developments", may contain forward-looking statements about the Fund, including its strategy, risks, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" and similar forward-looking expressions or negative versions thereof.

In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Accordingly, assumptions concerning future economic and other factors may prove to be incorrect at a future date.

Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made by the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events.

It should be stressed that the above-mentioned list of important factors is not exhaustive. You are encouraged to consider these and other factors carefully before making any investment decisions and you are urged to avoid placing undue reliance on forward-looking statements. Further, you should be aware of the fact that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.

Annual Management Report of Fund Performance as at June 30, 2021 Fidelity U.S. Money Market Fund

This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements for the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling 1-800-263-4077, by writing to us at Fidelity Investments, 483 Bay St. Suite 300, Toronto ON M5G 2N7 or by visiting our website at fidelity.ca or SEDAR at . Securityholders may also contact us using one of these methods to request a copy of the investment fund's proxy voting policies and procedures, proxy voting disclosure record or quarterly portfolio disclosure relating to the investment fund.

Management Discussion of Fund Performance Investment Objective and Strategies

Investment Objective: Fidelity U.S. Money Market Fund (Fund) aims to achieve a high level of current income while seeking to protect capital and maintain liquidity. The Fund invests in U.S.-dollar-denominated money market instruments.

Strategies: The Fund seeks to maintain a constant security price of US$10.00. When buying and selling investments, the portfolio manager follows the legal requirements for money market funds. These include minimum limits for the quality, liquidity, maturity and diversification of a fund's investments. The Fund invests in U.S. dollar-denominated money market instruments of U.S. and non-U.S. issuers. This may include short-term debt obligations of companies (such as commercial paper) and governments (such as treasury bills) and asset-backed securities (such as asset-backed commercial paper). The Fund may enter into repurchase transactions, reverse repurchase transactions and securities lending transactions. The Fund may also hold cash.

Risk The risks associated with investing in this Fund remain as discussed in the prospectus. Any changes to the Fund over the period have not affected the overall level of risk of the Fund.

Investors seeking a temporary parking spot for their cash may consider this Fund. Investors should be able to accept a low level of risk. The suitability of the Fund has not changed from what has been disclosed in the prospectus.

Results of Operations: Fidelity U.S. Money Market Fund, Series B, returned 0.04% (in U.S. dollar terms), after fees and expenses, for the one-year period ended June 30, 2021. The net returns of the other series of this Fund are similar to those of Series B, except for differences attributable to expense structures.

Market overview:

U.S. Treasury bond yields rose, and bond prices declined in line with rising inflation expectations, a wave of new Treasury debt to fund fiscal stimulus spending and a sharp boost in economic growth expectations, after the U.S. government passed a $1.9 trillion COVID-19 relief package. Starting at 0.68% in July 2020, the beginning of the review period, the ten-year U.S. Treasury yield reached a 14-month peak of 1.78% in March 2021, before declining to 1.44% at the end of June. High-yield bonds outperformed investment-grade bonds.

Factors affecting performance:

During the review period, in response to the exceptionally low market interest rates available on short-term fixed-income investments, such as ones the Fund invests in, Fidelity waived a portion of the management fees it normally would charge for the management of the Fund in order that the Fund's investors continued to receive a positive yield. Fidelity expects the need for these fee waivers to be temporary and, depending on market conditions, may cease these waivers at any time without notice.

Portfolio changes:

Portfolio manager Michael Widrig focused on high-quality issuers in support of the Fund's primary objective of preserving principal and maintaining liquidity, and secondarily achieving yields consistent with the Fund's investment constraints.

At the end of the period, cash accounted for the Fund's largest holding, followed by certificates of deposit and commercial paper.

Recent Developments As the trajectory of global rates of COVID-19 infection remains uncertain, and the timeframe and speed of governmental easing of social distancing measures and travel restrictions unclear, it is not possible to predict the further impact of the COVID-19 pandemic on global capital markets.

Portfolio Manager Michael Widrig continues to seek high-quality issuers and remains focused on maintaining a high degree of liquidity in the Fund. The money market portfolio management team is monitoring the credit markets closely, with the intention of keeping the portfolio stable and secure.

Related Party Transactions Manager and Portfolio Adviser The Fund is managed by Fidelity Investments Canada ULC (Fidelity). Fidelity is part of a broader collection of companies collectively known as Fidelity Investments.

Fidelity provides or arranges for the provision of all general management and administrative services required by the Fund in its day?to?day operations, bookkeeping, record?keeping and other administrative services for the Fund.

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Fidelity U.S. Money Market Fund Management Discussion of Fund Performance ? continued Fidelity is the portfolio adviser to the Fund and it provides investment advisory services to the Fund. Fidelity has entered into sub-advisory agreements with a number of entities including Fidelity Management & Research Company LLC, to provide investment advice with respect to all or a portion of the investments of the Fund. The sub-advisors arrange for acquisition and disposition of portfolio investments, including all necessary brokerage arrangements. The Fund pays Fidelity a monthly management and advisory fee for their services, based on the net asset value of each Series, calculated daily and payable monthly. The Fund paid Fidelity management and advisory fees of $55,000 for the period ended June 30, 2021.

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Financial Highlights

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the period end of the years shown. This information is derived from the Fund's audited annual and/or unaudited semi-annual financial statements. Please see the front page for information about how you can obtain the Fund's annual or semi-annual financial statements.

Fidelity U.S. Money Market Fund Series A

Periods ended June 30, U.S. Dollars

The Series' Net Assets per Security A Net assets, beginning of period B Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) Realized gains (losses)

Unrealized gains (losses) Total increase (decrease) from operationsB Distributions: From net investment income (excluding dividends) From dividends From capital gains

Return of capital Total distributionsB,C Net assets, end of periodB Ratios and Supplemental Data Net asset value (000s) D Securities outstandingD Management expense ratio E,F Management expense ratio before waivers or absorptionsE,F Trading expense ratio Net asset value per security, end of period

2021

2020

2019

2018

2017

$10.00

.02 (.02)

? ? ?

? ? ? ? ? $10.00

$3,522 366,104

.17% 1.03% --% $10.0000

$10.00

.17 (.09)

? ? .08

(.08) ? ? ?

(.08) $10.00

$6,305 662,249

.90% .90% --% $10.0000

$10.00

.25 (.10)

? ? .15

(.15) ? ? ?

(.15) $10.00

$3,683 366,886

1.04% 1.04% --% $10.0000

$10.00

.16 (.10)

? ? .06

(.06) ? ? ?

(.06) $10.00

$2,991 290,019

1.04% 1.04% --% $10.0000

$10.00

.09 (.08)

? ? .01

(.01) ? ? ?

(.01) $10.00

$5,619 562,268

.81% 1.04% --% $10.0000

Fidelity U.S. Money Market Fund Series B

Periods ended June 30, U.S. Dollars

The Series' Net Assets per Security A Net assets, beginning of period B Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operationsB Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributionsB,C Net assets, end of periodB Ratios and Supplemental Data Net asset value (000s) D Securities outstandingD Management expense ratio E,F Management expense ratio before waivers or absorptions E,F Trading expense ratio Net asset value per security, end of period

2021

2020

2019

2018

2017

$10.00

.02 (.02)

? ? ?

? ? ? ? ? $10.00

$14,094 1,346,301

.16% .77% --% $10.0000

$10.00

.17 (.07)

? ? .10

(.10) ? ? ?

(.10) $10.00

$17,153 1,742,817

.72% .72% --% $10.0000

$10.00

.24 (.06)

? ? .18

(.18) ? ? ?

(.18) $10.00

$15,426 1,546,919

.74% .83% --% $10.0000

$10.00

.16 (.07)

? ? .09

(.09) ? ? ?

(.09) $10.00

$15,942 1,597,344

.73% .79% --% $10.0000

$10.00

.09 (.06)

? ? .03

(.03) ? ? ?

(.03) $10.00

$14,898 1,491,644

.67% .73% --% $10.0000

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Financial Highlights ? continued

Fidelity U.S. Money Market Fund Series F

Periods ended June 30, U.S. Dollars

The Series' Net Assets per Security A Net assets, beginning of period B Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operationsB Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributionsB,C Net assets, end of periodB Ratios and Supplemental Data Net asset value (000s) D Securities outstandingD Management expense ratio E,H Management expense ratio before waivers or absorptions E,H Trading expense ratio Net asset value per security, end of period

Fidelity U.S. Money Market Fund Series E1

Periods ended June 30, U.S. Dollars

The Series' Net Assets per Security A Net assets, beginning of period B Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operationsB Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributionsB,C Net assets, end of periodB Ratios and Supplemental Data Net asset value (000s) D Securities outstandingD Management expense ratio Management expense ratio before waivers or absorptions Trading expense ratio Net asset value per security, end of period

2021

2020

2019

2018G

$10.00

.02 (.02)

? ? ?

? ? ? ? ? $10.00

$1,115 109,302

.16% .50% --% $10.0000

$10.00

.17 (.05)

? ? .12

(.12) ? ? ?

(.12) $10.00

$1,189 118,771

.50% .50% --% $10.0000

$10.00

.25 (.05)

? ? .20

(.20) ? ? ?

(.20) $10.00

$389 38,915 .51% .51% --%

$10.0000

$10.00

.04 (.01)

? ? .03

(.03) ? ? ?

(.03) $10.00

$664 66,452 .53% .53% --%

$10.0000

2021

2020

2019

2018

2017

$10.00

.02 (.02)

? ? ?

? ? ? ? ? $10.00

$10,868 1,081,945

.17% .72% --% $10.0000

$10.00

.18 (.07)

? ? .11

(.11) ? ? ?

(.11) $10.00

$12,076 1,207,324

.66% .66% --% $10.0000

$10.00

.26 (.07)

? ? .19

(.19) ? ? ?

(.19) $10.00

$9,543 927,534

.69% .69% --% $10.0000

$10.00

.17 (.07)

? ? .10

(.10) ? ? ?

(.10) $10.00

$10,411 1,040,547

.70% .70% --% $10.0000

$10.00

.10 (.07)

? ? .03

(.03) ? ? ?

(.03) $10.00

$6,819 681,853

.68% .72% --% $10.0000

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Fidelity U.S. Money Market Fund Series E2

Periods ended June 30, U.S. Dollars

The Series' Net Assets per Security A Net assets, beginning of period B Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operationsB Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributionsB,C Net assets, end of periodB Ratios and Supplemental Data Net asset value (000s) D Securities outstandingD Management expense ratio E,I Management expense ratio before waivers or absorptions E,I Trading expense ratio Net asset value per security, end of period

Fidelity U.S. Money Market Fund Series E3

Periods ended June 30, U.S. Dollars

The Series' Net Assets per Security A Net assets, beginning of period B Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operationsB Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributionsB,C Net assets, end of periodB Ratios and Supplemental Data Net asset value (000s) D Securities outstandingD Management expense ratio E,I Management expense ratio before waivers or absorptions E,I Trading expense ratio Net asset value per security, end of period

2021

2020

2019

2018

2017

$10.00

.02 (.02)

? ? ?

? ? ? ? ? $10.00

$8,573 906,526

.16% .70% --% $10.0000

$10.00

.17 (.06)

? ? .11

(.11) ? ? ?

(.11) $10.00

$7,702 769,596

.64% .64% --% $10.0000

$10.00

.26 (.07)

? ? .19

(.19) ? ? ?

(.19) $10.00

$8,155 844,721

.65% .65% --% $10.0000

$10.00

.16 (.06)

? ? .10

(.10) ? ? ?

(.10) $10.00

$6,322 533,107

.65% .65% --% $10.0000

$10.00

.09 (.06)

? ? .03

(.03) ? ? ?

(.03) $10.00

$2,557 255,760

.63% .67% --% $10.0000

2021

2020

2019

2018

2017

$10.00

.02 (.02)

? ? ?

? ? ? ? ? $10.00

$6,747 669,414

.16% .66% --% $10.0000

$10.00

.17 (.06)

? ? .11

(.11) ? ? ?

(.11) $10.00

$5,540 553,869

.61% .61% --% $10.0000

$10.00

.25 (.06)

? ? .19

(.19) ? ? ?

(.19) $10.00

$3,924 393,026

.62% .62% --% $10.0000

$10.00

.16 (.06)

? ? .10

(.10) ? ? ?

(.10) $10.00

$6,054 605,763

.62% .63% --% $10.0000

$10.00

.09 (.06)

? ? .03

(.03) ? ? ?

(.03) $10.00

$6,805 680,553

.63% .65% --% $10.0000

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Financial Highlights ? continued

Fidelity U.S. Money Market Fund Series E4

Periods ended June 30, U.S. Dollars

The Series' Net Assets per Security A Net assets, beginning of period B Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operationsB Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributionsB,C Net assets, end of periodB Ratios and Supplemental Data Net asset value (000s) D Securities outstandingD Management expense ratio E,I Management expense ratio before waivers or absorptions E,I Trading expense ratio Net asset value per security, end of period

Fidelity U.S. Money Market Fund Series P1

Periods ended June 30, U.S. Dollars

The Series' Net Assets per Security A Net assets, beginning of period B Increase (decrease) from operations: Total revenue Total expenses (excluding distributions) Realized gains (losses) Unrealized gains (losses) Total increase (decrease) from operationsB Distributions: From net investment income (excluding dividends) From dividends From capital gains Return of capital Total distributionsB,C Net assets, end of periodB Ratios and Supplemental Data Net asset value (000s) D Securities outstandingD Management expense ratio E,K Management expense ratio before waivers or absorptions E,K Trading expense ratio Net asset value per security, end of period

2021

2020

2019

2018

2017

$10.00

.02 (.02)

? ? ?

? ? ? ? ? $10.00

$16 1,641 .17% .65% --%

$10.0000

$10.00

.17 (.06)

? ? .11

(.11) ? ? ?

(.11) $10.00

$2,370 228,155

.59% .59% --% $10.0000

$10.00

.25 (.06)

? ? .19

(.19) ? ? ?

(.19) $10.00

$256 25,658 .64% .64% --%

$10.0000

$10.00

.17 (.07)

? ? .10

(.10) ? ? ?

(.10) $10.00

$237 23,684 .71% .71% --%

$10.0000

$10.00

.09 (.06)

? ? .03

(.03) ? ? ?

(.03) $10.00

$37 3,671 .64% .66% --%

$10.0000

2021

2020

2019J

$10.00

.02 (.02)

? ? ?

? ? ? ? ? $10.00

$1,238 123,761

.16% .47% --% $10.0000

$10.00

.18 (.05)

? ? .13

(.13) ? ? ?

(.13) $10.00

$1,938 192,378

.47% .47% --% $10.0000

$10.00

.15 (.03)

? ? .12

(.12) ? ? ?

(.12) $10.00

$198 19,856 .26% .30% --%

$10.0000

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